Australia's VC-backed GetSwift receives $18m investment

Other new backers include domestic and US-based asset managers, as well as Union Square Capital Advisors. The investment was made via an oversubscribed private placement at A$0.80 per share. The stock has climbed about 16% since the announcement and was trading at A$1.00 as of mid-morning on June 26, giving the company a market capitalization of around A$43.4 million.

Previous investors include Qualcomm Ventures, Artesian Venture Partners, Black Sheep Capital, and BlueChilli. According to a statement, the latest investment will result in the company holding A$29 million in cash, which will be used for expanding services into new verticals including the defense, manufacturing and healthcare.

Founded in 2013 by former professional Australian rules footballer Joel MacDonald, GetSwift helps companies manage delivery fleets and other mobile workforces through a platform that controls dispatch tasks and tracks the movement of goods in real-time. It’s flagship product, known as Swift, incorporates a web-based dispatcher, reporting dashboard, mobile apps for drivers and functions for automatic customer notifications. 

GetSwift’s parent group, Distributed Logistics, also manages an alcoholic beverage delivery company called Liquorun, which is backed by Black Sheep and Blue Chilli. For the 2016 financial year, Distributed Logistics recorded sales of about A$107,500, compared to A$321,100 during the four-month period to June 2015. Gross profit for 2016 came to A$84,800, compared to a loss of $39,000 for the four months to June 2015.

IFM Investors is an investment manager owned by 28 Australian superannuation funds, although it also raises capital from third-party institutions. The group has around A$70 billion ($51.8 billion) in assets under management.

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